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US Services Confusion: Good (PMI 7 Mo Highs), Bad (ISM 9 Mo Lows), & Ugly (Business Activity 12 Mo Lows)
Amid collapsing macro data and earnings expectations, Markit's US Services PMI smashed expectations and surged to 59.2 (its highest in 7 months) - just like Markit's Manufacturing PMI 'surprised'. Against the worst payrolls data in over 2 years, Markit's employment index rose by most since June. Furthermore, the business outlook tumbled to 8-month lows. And then following ISM Manufacturing's miss and tumble to near 2-year lows, ISM Services met expectations at its lowest since June... as Business Activity tumbled to one-year lows.
Mass confusion...
Markit PMI "Soft" survey vs "hard" macro data...
But ISM was more 'sensible' - hovering at its lowest since June
And business activity tmbled to one-yearlows...
In summary:
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Prices popped though. Fed had better be very careful. They will get their inflationary wish in the wrong place.
lol,,, like they can do anything worthwhile...
no confusion - the economy sucks and needed to hear dudley come out and shit himself. they can't, won't raise rates until its too late and by that time they will absolutely break things. dudley's best line of the morning:
DUDLEY SEES `NOTHING LIKE' THE RISK TAKING OF 2005-2006
at least i agree with him on this comment. margin debt is way higher this time around. they continue to force people into assets that they would not otherwise be-in. longer this goes-on, the harder the pain will be felt.
just like old times. Hadn't seen a good silver smackdown in a while.
Yeah I am waiting for it to come back down to the upper 15's for a buying op.
i'm with mugatu
I don't know what they put in the water/coffee/ventilation system over at Markit but it must be the best mind altering drug known (or previously unknown) to mankind. Seriously these FOLKS are either on the gumbmint payroll or dyslexic when looking at statistics.
Hey Cub fans:
That's not beer in that cup !!!
Macro bad ... market steams up, fastest move up in a year
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